Beal

This action, like that of Beal v. Smith et al., ante, p. 271, [ 189 Pac. 341 ], involves the transactions growing out of the organization of the United Properties Company in December, 1910. The demurrers of the several defendants to the amended complaint were all sustained without leave to amend, and judgment entered in their favor. The appeal is taken from this judgment and the parties have stipulated that the briefs filed in both actions may be considered on each appeal.

The amended complaint alleges that on the sixth day of March, 1911, plaintiff was the owner of first mortgage bonds of the Sierra Water Supply Company and of a claim against such company of the total value of one hundred and fifty thousand dollars; that on said day the United Properties Company agreed to deliver to him therefor one hundred and fifty thousand dollars in its first mortgage and collateral trust five per cent fifty-year sinking fund gold bonds, to be secured by a deed of trust to be thereafter executed covering all the real and personal property of the United Properties Company; that between the sixth and twentieth days of March, 1911, in compliance with said agreement, plaintiff assigned and…